Pandora says it has reached new agreements with performance rights organizations ASCAP and BMI that will provide the company with more “rate certainty.”
Terms were not released. Pandora says the separate deals are “multi-year.” Pandora also has dropped its appeal in a legal rate dispute with BMI.
The announcement was made by Pandora CEO Brian McAndrews, ASCAP CEO Elizabeth Matthews and BMI President/CEO Mike O’Neill. “These deals create business benefits for Pandora, while modernizing compensation in the U.S. for ASCAP and BMI songwriters and publishers,” the companies stated in a release.
Matthews at ASCAP was quoted describing its deal with Pandora as “a sign of progress in our ongoing push for improved streaming payments for songwriters, composers and music publishers that reflect the immense value of our members’ creative contributions.”
O’Neill of BMI said the agreement is “comparable to the other direct deals in the marketplace” and lets BMI and Pandora end their court fight “amicably.”
More on recent Pandora business news:
Pandora Inks Downtown (Dec. 2015)
Pandora Strikes Deal With Warner/Chappell Music (Dec. 2015)
Pandora Puts Positive Spin on CRB Rate Ruling (Dec. 2015)